Wisconsin CU buying Associated branch

Summit Credit Union in Madison, Wis., is buying a branch from Green Bay-based Associated Bank. The deal for the Monroe, Wis., office comes with $37.7 million in deposits as of June 30.

“We’re excited to grow our presence in south-central Wisconsin, adding the Monroe community to our growing branch network,” said Kim Sponem, president and CEO of the $4.3 billion Summit. “Our vision is to help our members enable their dreams, achieve financial wellness and lead richer lives. Operating with the core credit union philosophy of people helping people, Summit is committed to exceptional member service, satisfaction of its employees and commitment to financial education,” added Sponem.

The Monroe location brings Summit’s total to 46 branches across southern Wisconsin.

Summit Credit Union was advised on the transaction by Dan Martin of McQueen Financial Advisors and Mike Bell of Honigman, LLP.

The $35 billion Associated announced earlier this month it would be consolidating 14 offices in Wisconsin later this year as well as opening one new location. It will still have more than 160 offices in the state after the Summit deal closes in first quarter 2021 as well branches in Minnesota and Illinois.